With big plans to ramp up oil and gas production in 2013, First Titan
Corp. (OTCBB: FTTN) is targeting new opportunities at the center of the
U.S. energy boom: Texas’ Permian Basin.
The Dallas Morning News reported last year that many of leading
oilmen expect the Texas’s oil production to double within five to seven
years. The region’s status as a traditional oil hub has been
reinvigorated by new drilling technologies and rising crude prices,
which have made drilling oil in its many shale fields a highly lucrative
proposition.
FTTN is working to get in on one of the world’s hottest oil plays.
Company Leadership is focused on bolstering its growing portfolio of oil
and gas assets by acquiring prospective and existing production in the
Lone Star State.
“As long as prices stay above $70 a barrel, the dense rock of the
Permian Basin will remain a prime target for drilling,” said FTTN CEO
Harvey Bryant.
Production is already underway at the well in Alabama’s Little Cedar
Creek Field in which FTTN acquired a working interest last year. Reserve
estimates for that well range from 400,000 to 800,000 barrels of oil.
The Company also has the funding and permits in place to begin drilling
a second well in Louisiana, another oil and gas hotspot.
“2013 is going to be a year of growth for our organization,” Bryant
added.
For more information on FTTN’s projects, please visit www.firsttitanenergy.com/investors.html.
First Titan is working to develop new energy solutions to compete in a
booming global industry alongside Occidental Petroleum Corp.
(NYSE: OXY), Anadarko Petroleum Corp. (NYSE: APC), Energen Corp.
(NYSE: EGN) and Apache Corp. (NYSE: APA).
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan
Energy, LLC, is committed to the exploration and development of oil and
natural gas resources around the globe. The company continually seeks to
partner with energy developers that are pursuing innovative new methods
of oil and gas extraction, including the development of new
technologies, cleaner methods and unconventional resources.
For more information about First Titan Energy, please visit www.firsttitanenergy.com.
Follow us on Twitter at www.twitter.com/firsttitancorp.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: This news release contains forward-looking information within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
including statements that include the words “believes,” “expects,”
“anticipate” or similar expressions. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that
may cause the actual results, performance or achievements of the company
to differ materially from those expressed or implied by such
forward-looking statements. In addition, description of anyone’s past
success, either financial or strategic, is no guarantee of future
success. This news release speaks as of the date first set forth above
and the company assumes no responsibility to update the information
included herein for events occurring after the date hereof.
